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Real Estate Glossary

A

  • Acceleration Clause
  • Acceptance
  • Additional Principal Payment
  • Adjustable-Rate Mortgage (ARM)
  • Adjusted Basis
  • Adjustment Date
  • Adjustment Period
  • Administrator
  • Affidavits
  • Affordability Analysis
  • Amenity
  • Amortization
  • Amortization Schedule
  • Amortization Term
  • Amortize
  • Annual Mortgagor Statement
  • Annual Percentage Rate (APR)
  • Annuity
  • Application
  • Appraisal
  • Appraised Value
  • Appraiser
  • Appreciation
  • Assessed Value
  • Assessment
  • Assessment Rolls
  • Assessor
  • Asset
  • Assignment
  • Assumable Mortgage
  • Assumption
  • Assumption Clause
  • Assumption Fee
  • Attorney-in-fact
  • Automated Underwriting

B

  • Balance Sheet
  • Balloon Mortgage
  • Balloon Payment
  • Bankrupt
  • Bankruptcy
  • Before-Tax Income
  • Beneficiary
  • Bequeath
  • Betterment
  • Bill of Sale
  • Binder
  • Biweekly Mortgages
  • Biweekly Payment Mortgage
  • Blanket Insurance Policy
  • Blanket Mortgage
  • Bona Fide
  • Bond
  • Breach
  • Bridge Loan
  • Broker
  • Budget
  • Budget Category
  • Building Code
  • Buydown Account
  • Buydown Mortgage

C

  • Call Option
  • Cap
  • Capacity
  • Capital
  • Capital Expenditure
  • Capital Improvement
  • CD-Indexed (Certificate of Deposit) ARMs
  • Certificate of Deposit
  • Certificate of Deposit Index
  • Certificate of Eligibility
  • Certificate of Reasonable Value (CRV)
  • Certificate of Title
  • Chain of Title
  • Change Frequency
  • Change Orders
  • Chattel
  • Clear Title
  • Closing
  • Closing Agent
  • Closing Cost Item
  • Closing Costs
  • Closing Date
  • Co-Maker
  • Coinsurance
  • Coinsurance Clause
  • Collateral
  • Collection
  • Commercial Banks
  • Commission
  • Commitment Letter
  • Common Area Assessments
  • Common Areas
  • Common Law
  • Community Land Trust Mortgage Option
  • Community Property
  • Community Seconds
  • Comparables
  • Compound Interest
  • Condemnation
  • Condition of the Home
  • Condominium
  • Condominium Conversion
  • Condominium Hotel
  • Construction Contract
  • Construction Loan
  • Contingencies for Repairs
  • Contract
  • Contractor
  • Conventional Mortgage
  • Convertibility Clause
  • Convertible ARM
  • Cooperative (co-op)
  • Cooperative Corporation
  • Cooperative Mortgages
  • Cooperative Project
  • Corporate Relocation
  • Cost of Funds Index (COFI)
  • Costs for Settling Into Your Home
  • Covenant
  • Credit
  • Credit Bureau
  • Credit History
  • Credit Life Insurance
  • Credit Profile
  • Credit Report
  • Credit Report Fee
  • Credit Reporting Agency
  • Credit Repository
  • Credit Scoring
  • Credit Unions
  • Creditor
  • Cash-Out Refinance
  • Cloud on Title
  • Contingency
  • Contingency for Clear Title
  • Contingency for Financing
  • Contingency for Personal Property
  • Contingency Reserve

D

  • Debt
  • Deed
  • Deed of Trust
  • Default
  • Delinquency
  • Department of Veternas Affairs (VA)
  • Deposit
  • Depreciation
  • Discount Points
  • Detached Single-Family Home
  • Direct Leveraging Loan Program
  • Down Payment
  • Dower
  • Due-on-sale Provision
  • Due-on-transfer Provision
  • Deed-in-Lieu

E

  • Equal Credit Opportunity Act (ECOA)
  • Earnest Money Deposit
  • Easement
  • Effective Age
  • Effective Gross Income
  • Eminent Domain
  • Encroachment
  • Encumbrance
  • Endorser
  • Equity
  • Errors in Credit Report
  • Escrow
  • Escrow Account
  • Escrow Analysis
  • Escrow Collections
  • Escrow Disbursements
  • Estate
  • Escrow Payment
  • Establishing a Credit Report
  • Eviction
  • Examination of Title
  • Exclusive Listing
  • Executor

F

  • Fair Credit Reporting Act
  • Fair Market Value
  • Fannie Mae (FNMA)
  • Federal Housing Administration (FHA)
  • Fee Simple
  • Fee Simple Estate
  • FHA Coinsured Mortgage
  • FHA Loans
  • FHA Mortgage
  • Final Walk-Through Inspection
  • Firm Commitment
  • Financial Index
  • Finder’s Fee
  • First Mortgage
  • First and Second Mortgages
  • Fixed Installment
  • Fixed-Rate Mortgage
  • Fixed-Period Adjustable-Rate Mortgages
  • Fixture
  • Flood Insurance
  • Foreclosure
  • Forfeiture
  • Fully Amortized ARM

G

  • General Contractor
  • Good Faith Estimate
  • Governmnet Mortgage
  • Government National Mortgage Association
  • Grantee
  • Grantor
  • Ground Rent
  • Group Home
  • Growing-Equity Mortgage (GEM)
  • Guarantee Mortgage
  • Guaranteed Loan

H

  • Hazard Insurance
  • Home Equity Conversion Mortgage (HECM)
  • Home Equity Line of Credit
  • Home Inspection
  • Homeowner’s Insurance
  • Homeowner’s Insurance for Reverse Mortgages
  • Homeowners’ Association
  • Homeowner’s Warranty (HOW)
  • HomeStyle Construction-to-Permanent Mortgage
  • HomeStyle Mortgage Loan
  • Housing Expense Ratio
  • HUD-1 Statement
  • HUD Median Income

I

  • In-File Credit Report
  • Income Property
  • Index
  • Inflation
  • Initial Interest Rate
  • Installment
  • Installment Loan
  • Insurable title
  • Insurance
  • Insurance Binder
  • Insured Mortgage
  • Interest
  • Interest Accrual Rate
  • Interest Rate
  • Interest Rate Buydown Plan
  • Interest Rate Ceiling
  • Interest Rate Floor
  • Interest Rate for HECMs
  • InterestFirstSM Mortgage
  • Investment Property
  • IRA (Individual Retirement Account)

J

  • Joint Tenancy
  • Judgment
  • Judgment Lien
  • Judicial Foreclosure
  • Jumbo Loan

L

  • Late Charge
  • Lease
  • Lease-purchase Mortgage Loan
  • Lease-purchase Option
  • Leasehold Estate
  • Legal Description
  • Liabilities
  • Liability Insurance
  • LIBOR-based ARMs
  • Lien
  • Lifetime Payment Cap
  • Lifetime Rate Cap
  • Line of Credit
  • Liquid Asset
  • Loan
  • Loan Application
  • Loan Commitment
  • Loan Limit
  • Loan Origination
  • Loan Origination Fee
  • Loan Terms and Conditions
  • Loan-To-Value (LTV) Percentage
  • Lock-in
  • Lock-in Period

M

  • Manufactured Housing
  • Margin
  • Market Value
  • Master Association
  • Maturity
  • Maximum Claim Amount
  • Maximum Financing
  • Merged Credit Report
  • Modification
  • Money Market Account
  • Money Market Fund
  • Monthly Fixed Installment
  • Monthly Payment Mortgage
  • Mortgage
  • Mortgage Banker
  • Mortgage Banking Companies
  • Mortgage Broker
  • Mortgage Insurance
  • Mortgage Insurance Premium (MIP)
  • Mortgage Life Insurance
  • Mortgage-Related Closing Costs
  • Mortgagee
  • Mortgagor
  • Multidwelling Units
  • Multifamily Properties
  • Multifamily Mortgage

N

  • Negative Amortization
  • No Cash-Out Refinance
  • Net Cash Flow
  • Note
  • Nonliquid Asset
  • Note Rate
  • Notice of Default

O

  • Occupancy Date
  • Offer
  • Ongoing Costs
  • One-Year Adjustable-Rate Mortgage
  • Original Principal Balance
  • Origination Fee
  • Other Buyer Costs
  • Other Contingencies
  • Other Financial
  • Owner Financing

P

  • Planned Unit Development (PUD)
  • Partial Payment
  • Payment Change Date
  • Periodic Payment Cap
  • Periodic Rate Cap
  • Permits
  • Personal Property
  • PITI
  • PITI Reserves
  • Planned Unit Development (PUD)
  • Point
  • Power of Attorney
  • Pre-Approval
  • Pre-Qualification
  • Prearranged Refinancing Agreement
  • Preforeclosure Sale
  • Prepayment
  • Prepayment Penalty
  • Prime Rate
  • Principal
  • Principal Balance
  • Private Mortgage Insurance (PMI)
  • Promissory Mote
  • Public Auction
  • Purchase and Sale Agreement
  • Purchase Money Transaction

Q

  • Qualifying Ratios
  • Quitclaim Deed
  • Qualifying Guidelines

R

  • Real Estate Settlement Procedures Act (RESPA)
  • Realtor
  • Radon
  • Rate Caps
  • Rate-Improvement Mortgage
  • Rate Lock
  • Ratified Sales Contract
  • Real Estate Agent
  • Real Estate Attrorney
  • Real Property
  • Recorder
  • Recission
  • Recording
  • Refinance Transaction
  • Rehabilitation Escrow Account
  • Rehabilitation Mortgage
  • Remaining Balance
  • Remaining Term
  • Rent Loss Insurance
  • Rent with Option to Buy
  • Repayment Plan
  • Replacement Reserve Fund
  • Reverse Mortgage Counseling
  • Revolving Liability
  • RHS Loans
  • Right of First Refusal
  • Right of Ingress or Engress
  • Right of Survivorship
  • Rural Housing Service (RHS)

S

  • Sale-Leaseback
  • Second Mortgage
  • Secondary Mortgage Market
  • Savings and Loans
  • Secured Loan
  • Security
  • Seller Take-Back
  • Servicer
  • Seller Versus Buyer Closing Costs
  • Servicing
  • Settlement
  • Settlement Sheet
  • Single-Family Properties
  • Six-Month Adjustable-Rate Mortgage
  • Special Deposit Account
  • Standard Payment Calculation
  • Subdivision
  • Step-Rate Mortgage
  • Subordinate Financing
  • Subsidized Second Mortgage
  • Survey
  • Sweat Equity

T

  • Truth-in-Lending
  • Taxes and Insurance
  • Tenancy in Common
  • Tenancy by the Entirety
  • Tenant-Stockholder
  • Termite Inspection
  • Third-Party Origination
  • Thrifts
  • Title
  • Title Search
  • Title Company
  • Title Insurance
  • Total Expense Ratio
  • Transfer of Ownership
  • Townhouse
  • Trade Equity
  • Transfer Tax
  • Treasury Index
  • Trustee
  • Truth-in-Lending
  • Two-Step Mortgage
  • Two-to Four-Family Property

U

  • Underwriting
  • Unsecured Loan

V

  • VA Mortgage
  • Vested
  • Veterans Administration (VA)

W-Z

  • Ways of Obtaining a Loan
  • What-if Analysis
  • Wraparound Mortgage
  • What-if Scenario

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